MIRA
INFORM REPORT
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Report Date : |
28th February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
ARABIAN DEVELOPMENT EST |
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Registered Office : |
Damanhour Street,
PO Box: 40418, Riyadh 11499, Saudi Arabia. |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
1973 |
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Com. Reg. No.: |
1010006747, Riyadh |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Engaged in the wholesale and retail of general foodstuff
products, including tea, coffee, spices, nuts and other dried foods. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 125,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
ARABIAN DEVELOPMENT EST |
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Country of Origin |
Saudi Arabia |
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Legal Form |
Sole Proprietorship |
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Registration Date |
1973 |
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Commercial
Registration Number |
1010006747, Riyadh |
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Membership Number |
8581 |
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Invested Capital |
SR 100,000 |
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Total Workforce |
6 |
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Line of Business |
Wholesalers and retailers of general foodstuff products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
ARABIAN DEVELOPMENT
EST
ADDRESS
Registered & Physical Address
Location : Damanhour Street
PO Box : 40418
Town : Riyadh 11499
Country : Saudi Arabia
Telephone : (966-1) 4200036 / 4211104
Facsimile : (966-1) 4210852
Premises
Subject operates
from a small suite of offices and a showroom that are owned and located in the
Central Business Area of Riyadh.
KEY PRINCIPALS
·
Nasser Mohamed
Al Saleh Proprietor
& General Manager
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Farooq Al
Bishiti Assistant
General Manager
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Taher Al Masry Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1973
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1010006747,
Riyadh
Membership No. : 8581
Invested Capital
: SR 100,000
Mr Nasser Mohamed
Al Saleh is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines a Sole Proprietorship as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the wholesale and retail of general foodstuff products, including tea, coffee, spices, nuts and other dried foods.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Saudi
Riyals (SR)
Year Ending
31/12/04 : Year Ending 31/12/05 :
Total Revenue SR 5,370,000 SR
5,850,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Arab National
Bank
PO Box : 56921
Riyadh 11564
Tel
: (966-1) 4029000
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Established in
1973, subject is involved in the wholesale and retail of general foodstuff
products, including tea, coffee, spices, nuts and other dried foods.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 125,000
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions